The S&P 500 Index ($SPX) (SPY) is up +0.62% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up +1.01%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.69%. December E-mini S&P futures (ESZ26) are up +0.58%, and December E-mini Nasdaq futures (NQZ26) are up +0.54%.
US stocks are rebounding today, recovering some of last Friday’s sharp sell-off. A recovery in chipmakers and AI-infrastructure stocks is leading the overall market higher today. Also, a -6% plunge in WTI crude oil prices to a 1-week low has boosted market sentiment today, as signs suggest the US favors giving diplomacy time to resolve the US-Iran conflict.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Chinese economic news was weaker than expected, a negative factor for global growth prospects. The China Oct manufacturing PMI fell -0.8 to 49.3, weaker than expectations of 49.9. Also, the Oct non-manufacturing PMI fell -0.5 to 49.7, weaker than expectations of 50.0.
Dec WTI crude oil prices (CLZ26) are down more than -6% today at a 1-week low after a report from Axios said that President Trump told Israeli Prime Minister Netanyahu that he wants to give diplomacy with Iran more time before resuming strikes on the country. Crude losses accelerated today after Iran's state-run IRNA reported that Iran's Supreme Leader Khamenei granted the Iranian government authority to engage in talks regarding the conflict with the US. Also, signs that crude supplies are still leaving the Middle East are weighing on prices after Tankertrackers.com reported that Saudi Arabia has shipped a total of 6.99 million bpd of crude in October from its east and west coasts.
Stocks are supported by the prospect of solid quarterly earnings. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +31% from a year earlier, up from a July estimate of 22%. As of today, 300 of the S&P 500 companies have reported results, with 83% beating estimates.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.22%. China’s Shanghai Composite closed up +1.08%. Japan's Nikkei-225 Stock Average closed down -0.33%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +3 ticks today. The 10-year T-note yield is down -1.4 bp to 4.915%. T-note prices are climbing today as WTI crude oil falls more than -4% to a 1-week low, easing inflation expectations. The 10-year breakeven inflation rate fell to a 2-week low of 2.321% today. Gains in T-notes are contained as a stock rebound curbs safe-haven demand for government debt securities.
The markets are now pricing in a 77% chance of a +25 bp rate hike at the FOMC’s next meeting on December 8-9.
European government bond yields are moving lower today. The 10-year German bund yield dropped to a 2-month low of 3.297% and is down -1.0 bp to 3.312%. The 10-year UK gilt yield fell to a 1.25-month low of 5.213% and is down -4.5 bp to 5.239%.
The Eurozone Oct S&P manufacturing PMI was revised upward by +0.3 to 52.7 from the previously reported 52.4.
German Sep retail sales unexpectedly fell -2.0% m/m versus expectations of a +0.4% m/m increase.
ECB Governing Council member Peter Kazimir said, "Markets may still underestimate what is required" and may not be pricing in enough ECB tightening, with the energy shock showing no sign of fading and inflation picking up again.
The markets are now pricing in an 87% chance of a +25 bp rate hike at the ECB’s next policy meeting on December 17.
US Stock Movers
Chip stocks and AI-infrastructure companies are rebounding today from last Friday’s slide. Analog Devices (ADI), and NXP Semiconductors NV (NXPI) are up more than +2%. Also, Nvidia (NVDA), KLA Corp (KLAC), Microchip Technology (MCHP), Qualcomm (QCOM), and Texas Instruments (TXN) are up more than +1%.
Airlines and cruise line operators are rallying today, with crude oil prices down more than -6%. Alaska Air Group (ALK) is up more than +9%, and United Airlines Holdings (UAL) is up more than +6%. Also, American Airlines Group (AAL) is up more than +5%, and Carnival (CCL) and Royal Caribbean Cruises (RCL) are up more than +4%. In addition, Delta Air Lines (DAL), Southwest Airlines (LUV), and Norwegian Cruise Line Holdings (NCLH) are up more than +3%.
Cybersecurity stocks are sliding today, limiting gains in the broader market. Cloudflare (NET) , Fortinet (FTNT), and Okta (OKTA) are down more than -4%, and Zscaler (ZS) and SentinelOne (S) are down more than -3%. Also, Crowdstrike Holdings (CRWD) and Palo Alto Networks (PANW) are down more than -2%.
Oil companies are under pressure today, with WTI crude oil down more than -6% at a 1-week low. APA Corp (APA) is down more than -4%, and Devon Energy (DVN), Diamondback Energy (FANG), and Occidental Petroleum (OXY) are down more than -3%. Also, ConocoPhillips (COP), ExxonMobil Holdings (XOM), and Valero Energy (VLO) are down more than -2%, and Chevron (CVX), Halliburton (HAL), and Marathon Petroleum (MPC) are down more than -1%.
IDEXX Laboratories (IDXX) is up more than +18% to lead gainers in the S&P 500 and Nasdaq 100 after boosting its full-year revenue forecast to $4.74 billion to $4.77 billion from a previous estimate of $4.70 billion to $4.75 billion, above the consensus of $4.72 billion.
Tempus AI (TEM) is up more than +6% after forecasting full-year revenue of $1.60 billion to $1.61 billion, better than the consensus of $1.59 billion.
Marriott International (MAR) is up more than +5% after raising its full-year adjusted EPS forecast to $12.07 to $12.14 from a previous view of $11.64 to $11.81, stronger than the consensus of $11.73.
Amazon.com (AMZN) is up more than +3% to lead gainers in the Dow Jones Industrials after Phillip Securities upgraded the stock to buy from accumulate with a price target of $330.
EchoStar (ECHO) is up more than +2% after the Washington Post reported that SpaceX held talks about launching its own wireless service with the company.
Lumentum Holdings (LITE) is down more than -9% to lead losers in the S&P 500 and Nasdaq 100 after Marvell Technology acquired the company in an all-stock transaction with an enterprise value of $115 billion. Marvell Technology (MRVL) is down more than -5%.
Check Point Software (CHKP) is down more than -4% after reporting Q3 revenue of $669.8 million, below the consensus of $672.1 million.
Oracle (ORCL) is down more than -4% after announcing it will offer $10 billion of shares of its common stock.
Earnings Reports (11/2/2026)
Berkshire Hathaway Inc (BRK/A), Estee Lauder Cos Inc/The (EL), Axsome Therapeutics Inc (AXSM), IDEXX Laboratories Inc (IDXX), Loews Corp (L), CNA Financial Corp (CNA), Public Service Enterprise Grou (PEG), Tempus AI Inc (TEM), Entergy Corp (ETR), Choice Hotels International In (CHH), Marriott International Inc/MD (MAR), Fox Corp (FOXA), Clorox Co/The (CLX), Vornado Realty Trust (VNO), Apple Inc (AAPL), Vertex Pharmaceuticals Inc (VRTX), People Inc (PPLI), Diamondback Energy Inc (FANG), Viper Energy Inc (VNOM), Realty Income Corp (O), Healthpeak Properties Inc (DOC), Voya Financial Inc (VOYA), BWX Technologies Inc (BWXT), Janus Living Inc (JAN), Neurocrine Biosciences Inc (NBIX), Williams Cos Inc/The (WMB), SBA Communications Corp (SBAC), Palantir Technologies Inc (PLTR), Match Group Inc (MTCH), Advanced Energy Industries Inc (AEIS), Fabrinet (FN), Jazz Pharmaceuticals PLC (JAZZ), Allison Transmission Holdings (ALSN), MSA Safety Inc (MSA), Celanese Corp (CE), Equitable Holdings Inc (EQH), Corebridge Financial Inc (CRBG), Lattice Semiconductor Corp (LSCC), ON Semiconductor Corp (ON), BioMarin Pharmaceutical Inc (BMRN), Roku Inc (ROKU).
On the date of publication, Rich Asplund did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
3 Cash Cow Stocks I Like Better Than Anthropic Heading into a Historic IPO Bill Ackman Isn’t Sweating Meta Platforms’ AI Spending. In Fact, He Says META Stock Is ‘Incredibly Undervalued.’ Dan Ives Thinks Apple’s New MacBook Pro Is a Positive Move with Q4 Earnings Almost Here Anthropic Takes Aim at Wall Street’s 1% Fee Machine With ‘Claude For Financial Advisors.’ Here’s What I Think as a Former Advisor.